Singapore Real Estate
Distressed home sales fall in Q2 despite continued bankruptcy pressure
Fewer properties in Singapore went under the hammer in the second quarter of 2023, even as interest rates continued to soar and property owners remained under pressure. According to data crunched for The Business Times by real estate consultancy Edmund Tie, there were a total of 62 auction listings in Q2, down 15.1 per cent from 73 in the previous quarter.
https://www.businesstimes.com.sg/property/distressed-home-sales-fall-q2-despite-continued-bankruptcy-pressure
In Focus: With rising private home prices, is climbing the property ladder harder?
Singapore: Ms Chen and her husband, who live in a 3-room flat, hope to move to a condominium with dog-friendly facilities and gated walking areas in about five years’ time.
https://www.channelnewsasia.com/singapore/focus-condo-private-property-housing-prices-social-mobility-3612396
Largest construction and prefabrication hub in S’pore can support upcoming BTO projects: Desmond Lee
Singapore – A new integrated construction and prefabrication hub (ICPH) – the largest in Singapore – will enable more precast building components to be made locally and potentially support upcoming Build-To-Order (BTO) projects across the island.
https://www.straitstimes.com/business/largest-construction-and-prefabrication-hub-in-s-pore-can-support-upcoming-bto-projects-desmond-lee
Longer waiting time for flat eligibility letters due to ‘system glitches’, HDB says
Singapore: System glitches were behind longer processing times for some flat buyers who applied for a newly implemented eligibility letter, the Housing and Development Board (HDB) said.
https://www.channelnewsasia.com/singapore/hdb-flat-eligibility-letter-hfe-application-delay-system-glitches-3647601
https://www.straitstimes.com/singapore/housing/hdb-ballot-results-for-may-bto-and-sbf-exercises-delayed-till-august
Companies’ Brief
MCL Land, at 60, presses on with restocking residential land and listening to customers
MCL Land, which turned 60 in March this year, plans to continue focusing on developing Singapore residential projects despite thin profit margins in the sector and a fresh round of cooling measures introduced in April.
https://www.businesstimes.com.sg/companies-markets/mcl-land-60-presses-restocking-residential-land-and-listening-customers
The Assembly Place invests in 2MR Labs with Temasek’s Heliconia Capital and VC Lucid Blue Ventures
Singapore-based co-living operator The Assembly Place announced that it has invested in 2MR Labs (Tomorrow Labs), a company founded in 2022 by Arthur Lin and Takahiro Irie, with a vision to bridge Web2 businesses to Web3 technologies.
https://www.edgeprop.sg/property-news/assembly-place-invests-2mr-labs-temasek%E2%80%99s-heliconia-capital-and-vc-lucid-blue-ventures
Global Economy & Real Estate
Fed readies another rate hike in pivotal week for central banks
https://www.theedgesingapore.com/news/us-economy/fed-readies-another-rate-hike-pivotal-week-central-banks
Where is the bottom in US commercial real estate?
https://www.theedgesingapore.com/capital/property/where-bottom-us-commercial-real-estate
British consumer confidence falls for first time in six months
https://www.businesstimes.com.sg/international/british-consumer-confidence-falls-first-time-six-months
China seeks to boost demand by pushing urban development
https://www.businesstimes.com.sg/international/china-seeks-boost-demand-pushing-urban-development
https://www.channelnewsasia.com/business/china-seeks-boost-demand-pushing-urban-development-state-media-3645896
Chinese property giant Country Garden sinks in renewed storm
https://www.businesstimes.com.sg/property/chinese-property-giant-country-garden-sinks-renewed-storm
https://www.straitstimes.com/business/chinese-property-giant-country-garden-sinks-in-renewed-storm
https://www.channelnewsasia.com/business/chinese-property-firm-country-garden-bonds-stocks-slump-repayment-worry-3644861
China’s shopping centre and street shop landlords offer rental discounts to contain retail space vacancies, supply pressure
https://www.scmp.com/business/china-business/article/3228650/chinas-shopping-centre-and-street-shop-landlords-offer-rental-discounts-contain-retail-space
Young homebuyers turn to China’s forgotten industrial regions in search of low-cost, carefree lifestyle
https://www.todayonline.com/world/young-homebuyers-turn-chinas-forgotten-industrial-regions-search-low-cost-carefree-lifestyle-2215431
Hong Kong’s golfers gird up for battle as housing policy threatens famed course
https://www.straitstimes.com/asia/east-asia/hong-kongs-golfers-gird-up-for-battle-as-housing-policy-threatens-famed-course
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3228638/hong-kongs-john-lee-brushes-possible-legal-action-golf-club-over-plan-build-public-housing-oldest
Phuket calling: developer offers all 200 flats in single block to Hongkongers as Thailand seeks tourism, economic revival
https://www.scmp.com/business/article/3228636/phuket-calling-developer-offers-all-200-flats-single-block-hongkongers-thailand-seeks-tourism
Billionaire Cheng family takes over Vietnam casino resort
https://www.straitstimes.com/business/billionaire-cheng-family-takes-over-vietnam-casino-resort
Core inflation in Japan’s capital seen slowing sharply in July -analysts
https://www.channelnewsasia.com/business/core-inflation-japans-capital-seen-slowing-sharply-july-analysts-3644271
Japan’s factory activity shrinks in July as orders weaken: PMI
https://www.businesstimes.com.sg/international/japans-factory-activity-shrinks-july-orders-weaken-pmi
https://www.straitstimes.com/business/japan-factory-activity-shrinks-in-july-as-orders-weaken
London home rents hit average record high of $4,385 a month as demand outstrips supply
https://www.straitstimes.com/business/london-home-rents-hit-average-record-high-of-4385-a-month-as-demand-outstrips-supply
As Paris Olympics looms, hotel industry has reservations
https://www.businesstimes.com.sg/property/paris-olympics-looms-hotel-industry-has-reservations
South Korea export recovery to be sluggish compared with past: central bank
https://www.businesstimes.com.sg/international/south-korea-export-recovery-be-sluggish-compared-past-central-bank
https://www.channelnewsasia.com/business/south-korea-export-recovery-be-sluggish-compared-past-central-bank-3644356
South Korea mulls over downgrading Covid-19 health risk, lifting all remaining mask mandates
https://www.straitstimes.com/asia/east-asia/s-korea-mulls-downgrading-covid-19-health-risk-lifting-all-remaining-mask-mandates
Builder Skanska profit falls as property market slump weighs
https://www.businesstimes.com.sg/property/builder-skanska-profit-falls-property-market-slump-weighs
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